By most common sense measurements, Box had a pretty good earnings report today, reporting revenue up 20 percent year over year to $ 163.7 million. That does not sound bad, yet Wall Street was whacked, down more than 22 percent after hours as we went to press.

Part of the problem, says Alan Pelz-Sharpe, principal analyst at Deep Analysis, a firm that watches the content management space, is that the company failed to hit its projections, combined with weaker guidance;

"Box did miss its estimates and got dinged pretty hard today; however, the bigger picture is still of solid growth. As box moves more and more into the enterprise space, the deal cycle takes longer to close and I think that's a big part of this shift. Boxing takes a chunk out of their addressable market, "Furs", "What are you waiting for?" Sharpe told TechCrunch.

Aaron Levie What saying. "Wall Street did not make any better plans for next year, and I think that's totally fair, but we're very focused on driving our growth rate and how we're going to do so That is, by bringing the full suite of Box's capabilities to more of our customers, "Levie told TechCrunch.

On the positive side, Levie pointed out that the company achieved a positive non-GAAP growth rate for the first time in its 14 -year history, with projections for the first full year of non-GAAP profitability for FY [19659013] that it just kicked off.

The company says it all. " but even that was a smaller loss than the 24 cents a share from the previous fiscal year.

Chart: Box

Wall Street tends to try to project future performance. Levy pointed out the opportunity here is huge. What a company has done? "We're going to 40 plus billion dollars market, so if you think about the entirety of spend on content management, collaboration, storage infrastructure – as all the moves to the cloud, Going out and serving, "Levie explained.

Furry-Sharpe thinks Wall Street could not be the longer-range picture here. "The move to true enterprise started at a couple of years back at the box, but it has taken to the right partners and infrastructure to deal with bigger and more complex migrations and implementations," Pelz-Sharpe explained. Should that happen, Box could begin capturing much larger chunks of that $ 40 billion addressable cloud content management market, and the numbers could be much more to investor's liking. For now, they are clearly not happy with what they are seeing.